Ferry with more than 50 on board capsizes off Philippines

A major rescue operation is underway off the Philippines coast after a roll-on, roll-off ferry capsized with more than 50 people on board.

At least two people have died and 13 are still missing.

A further 42 people have been rescued.

The Coast Guard, the Philippines Navy and local fishermen are continuing a rescue operation for the remaining passengers and crew.

Philippines coast guard spokesman, Armand Balilo, told Radio Australia the ship sent a distress signal three hours after it sailed from the central province of Albay, en route to nearby Masbate province.

The vessel was reportedly carrying 57 passengers and crew, as well as two trucks and two buses on board.

The Coast Guard says it will look into possible overloading as a reason for the capsizing of the vessel.

Regional civil defence chief, Raffy Alejandro, says one of the bodies found was of a 58-year-old woman.

The ferry, MV Our Lady of Carmel, was travelling between Pio Duran in Albay enroute to Aroroy, Masbate.

Mr Alejandro says the cause of the sinking has not yet been determined.

However, the ship's captain, who was among those rescued, has said the vessel may have been unbalanced by the passenger buses and trucks it was carrying.

"He said it happened so quickly. It just went down in the darkness," Mr Alejandro said.

He said the waters and weather were calm.

The vessel was a roll-on, roll-off ferry commonly used in the Philippines to transport people, vehicles and cargo throughout the archipelago of more than 7,100 islands.

Sea accidents are common in the Philippines due to poor safety standards and overloading.

The world's deadliest peacetime maritime disaster occurred near Manila in 1987 when a ferry laden with Christmas holidaymakers collided with a small oil tanker, killing more than 4,000 people.

In 2008, a huge ferry capsized during a typhoon off the central island of Sibuyan, leaving almost 800 dead.

Mr Alejandro said he was hopeful Friday's death toll would not rise drastically, partly because the captain said most passengers were wearing life jackets.

"We expect many more will be rescued. We were able to respond quickly," he said.